United Nigeria Airlines Completes N100 Billion CP Initiative with Successful N22 Billion Raise
United Nigeria Airlines has successfully wrapped up the initial phase of its N100 billion commercial paper (CP) program, securing N22 billion in funding.
The issuance saw significant interest, with demand surpassing the initial N20 billion goal, underscoring strong investor faith in the airline’s performance, strategic growth initiatives, and creditworthiness.
In light of the overwhelming demand, United Nigeria Airlines opted to absorb 10% of the excess subscriptions, while appropriately returning the remaining funds to applicants who could not receive full allocations.
Mazi Osita Okonkwo, the Managing Director of United Nigeria Airlines, remarked, “The substantial demand we experienced is a strong affirmation of our business model and financial health, as well as the market’s confidence in our growth trajectory. The funds raised will facilitate fleet expansion and enhance operational capabilities. We are thankful to our investors and are keen to continue fostering engagement as we progress with our CP and other financing initiatives.”
The issuance was organized in two series, featuring tenors of 270 days and 364 days. It received backing from investment-grade credit ratings, with Agusto & Co. awarding a short-term rating of A3 and a long-term rating of BBB- with a stable outlook. DataPro rated the issuance A1 for the short term and BBB for the long term.
Rasaki Salawu, Managing Director of Meristem Capital Limited, confirmed the successful execution. He stated, “We take pride in serving as the Lead Issuing House for United Nigeria Airlines Limited’s N100 billion Commercial Paper Programme and the successful inaugural issuance of N20 billion under Series 1 and 2, which will support the company’s operational capital requirements.”
Celebration of FAAN Executives’ Achievements
The Federal Airports Authority of Nigeria (FAAN) has recognized two of its senior leaders, Managing Director/Chief Executive Mrs. Olubunmi Kuku and Director of Airport Operations Capt. Abdullahi Mahmood, for their notable contributions to the aviation sector.
Mrs. Kuku received the distinguished Honorary Fellowship from the Chartered Institute of Bankers of Nigeria (CIBN) during a ceremony held in Lagos. This honor represents the highest level of membership within the Institute and acknowledges her significant achievements and contributions across banking, financial services, and aviation. With an extensive career that includes roles at the Bank of Montreal, Ernst & Young, and Bank PHB, she is now entitled to the professional designation FCIB.
Meanwhile, Capt. Mahmood was honored with the title of Barden Gabas of Mubi Emirate, bestowed by His Royal Highness Dr. Abubakar Isa Ahmadu, the Emir of Mubi, in recognition of his leadership and dedication. This title, traditionally linked to bravery and valor, entrusts him with increased responsibilities in advocating for peace, unity, and development within the Emirate.
CHI Pharmaceuticals Launches Alieve for Everyday Pain Relief
In Nigeria, the fast-paced lifestyle often means that the day starts well before dawn. Amidst the rush to tackle traffic and meet critical deadlines, many individuals juggle multiple roles and responsibilities. This constant hustle can overshadow the reality that the human body has its limitations.
CHI Pharmaceuticals is addressing this pressing issue with the recent campaign for Alieve, its pain relief brand, encapsulated in the slogan “Man No Be Machine.” The campaign resonates with the everyday experiences of Nigerians, acknowledging that despite their relentless drive, pain—whether from headaches, body aches, or fever—can impede their productivity. When discomfort strikes, the imperative to return to full functioning becomes paramount.
Alieve, formulated with ibuprofen, is registered with the National Agency for Food and Drug Administration and Control (NAFDAC) and comes in three variations: a 100 mg/5 mL oral suspension for children, and 200 mg and 400 mg tablets for adults. With this product range, CHI Pharmaceuticals is expanding its healthcare offerings, specifically targeting common pain and fever management while grounding its messaging in the realities faced by consumers in Nigeria.
Probal Bhattacharya, Chief Marketing Officer at TGI Group, expressed, “We often push ourselves tirelessly, but pain serves as a reminder of our humanity. While Alieve is equipped to mitigate physical discomfort, we understand that ‘Man No Be Machine.’ Alieve acts as a supportive ally, empowering hardworking individuals to overcome their struggles and resume their daily routines.”
The core message of the “Man No Be Machine” campaign emphasizes that while ambition and labor are commendable, they do not render individuals invulnerable to physical pain. Resilience and commitment can coexist with the need for self-care. With the introduction of Alieve, CHI Pharmaceuticals is adding a new dimension to the conversation around everyday pain relief, acknowledging the relentless nature of life in Nigeria and the importance of maintaining focus on what truly matters.
Alieve is positioned as a reliable pain relief option from CHI Pharmaceuticals, catering to various needs with its offerings of 100 mg syrup for children and 200 mg and 400 mg tablets for adults. Its formulation aims to assist consumers in managing daily discomfort and swiftly returning to the activities they cherish, allowing them to “Rise Above Pain.”
Discussion about this post